PHH Arval’s 4Q Earnings Improve

PHH Corp. on Friday said that its fleet management service subsidiary, PHH Arval, earned $35 million in the fourth quarter, up from $27 million a year ago.

Quarterly net revenue for the fleet management segment was $475 million, down from $505 million in 2006, PHH said.

PHH said the reduction in quarterly net revenue was partially due to a decline in new heavy-duty truck leases. As part of its fleet management business, PHH Arval provides financing for truck buyers.

For the year, the fleet management unit earned $116 million up from $102 million in 2006.

Yearly net revenue was $1.86 billion, compared with $1.83 billion in 2006.

PHH Arval provides financing, maintenance, fuel card and expense-reporting services to commercial fleets.